A credit note is a document that is issued to notify you that a credit is being refunded and/or applied to your account for a number of reasons.
Common reasons credit notes are issued at Oyster:
- Refund of team member deposits after offboarding
- When you overpay an existing invoice
- When the amount due on the settlement invoice is negative (e.g. when the total costs for the month is lower than the pre-funding estimate).
If you're wondering what a settlement invoice is, it's a part of the new invoicing process that is rolling out from Feb 2023 onwards. Check out this article for FAQs around the new invoicing process.
You will receive a refund in cash, equal to the amount stated in the credit note. We currently do not support using the credit to fund your next invoice.